Vanke Seeks Bond Delay Again as It Works on Restructuring Plan
Vanke is one of the few major Chinese property developers to so far avoid default.
Source: Bloomberg
Distressed developer China Vanke Co. has begun reaching out to bondholders about delaying payment on a note due next month, while telling them that it is also weighing a broader restructuring, people familiar with the matter said.
Company representatives held meetings last week with selected holders of its yuan bond that matures on April 23, according to the people, who asked not to be identified as the matter is private. During those talks, Vanke told creditors that it was considering a larger plan that would include longer-term extensions of debt, the people said, in what could be one of China’s biggest-ever restructuring.